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Bids, Mergers and Takeovers

Wood Group to proceed with takeover of Amec Foster Wheeler

12 September 2017 08:01

The CMA accepted the remedy formally offered by Wood Group and Amec Foster Wheeler on 9 August.

This follows the CMA's in principle acceptance on 15 August.

The combination is therefore now expected to complete in October 2017, following receipt of merger clearance in Mexico.

The remedy consists of the majority of Amec Foster Wheeler's UK upstream oil and gas business located in the UK and serving UK customers (excluding its commissioning business, qedi).

The CMA does not require the parties to complete the sale of the remedy business in advance of completing the combination.

Wood Group CEO Robin Watson said: "Since we announced the deal in March, both parties have maintained a relentless focus on keeping on schedule.

"Today's earlier than anticipated decision from the CMA allows us to move forward with pace and we are very confident of completing the acquisition of Amec Foster Wheeler in October."

Amec Foster Wheeler CEO Jon Lewis said: "We welcome today's announcement from the CMA.

"We have made significant progress marketing Amec Foster Wheeler's UK upstream oil and gas business to a range of high quality bidders, which has helped to ensure that we will close the transaction in October, bringing the many benefits of the combined company to our clients, colleagues and shareholders."

At 8:01am: (LON:WG.) John Wood Group PLC share price was -0.25p at 621.75p

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